The crypto market’s surge preceding US President Donald Trump’s inauguration appears to have lost momentum. This is reflected by the drawdown recorded in total market capitalization over the past 24 hours.
Amid all of these, three notable altcoins — Official Trump (TRUMP), Melania Meme (MELANIA), and VeThor (VTHO) — are trending today for different reasons. This analysis explains why.
Official Trump (TRUMP)
Donald Trump’s meme coin TRUMP is trending today because of the significant decline in value over the past 24 hours. At press time, the Solana-based meme coin trades at $37.93, shedding 27% of its value during that period.
It climbed to an all-time high of $77.82 on January 19, and its price has since fallen by over 50% due to rising selloffs. TRUMP’s negative Elder-Ray Index confirms the decline in its demand. At press time, the indicator is at -6.63.
The Elder Ray Index measures market strength by analyzing the difference between the highest price (bull power) and the lowest price (bear power). As with TRUMP, a negative index indicates that bear power dominates, suggesting downward pressure in the market and a potential bearish trend.
If this downtrend persists, TRUMP’s price could fall to $28.44. On the other hand, an uptick in buying pressure could push its value up to $46.41.
Melania Meme (MELANIA)
The value of the newly launched MELANIA has dipped by 58% in the past 24 hours, making it one of the trending coins today.
MELANIA climbed to an all-time high of $14.17 during Monday’s trading session and has since plunged by 71%. As of this writing, the meme coin trades at $4.45.
With the waning hype around meme coins post-Donald Trump inauguration, MELANIA appears poised to extend its decline. If this continues, its price could drop to $3.26.
However, if it witnesses a resurgence in accumulation, MELANIA could rebound and rally toward $5.84.
VeThor (VTHO)
VTHO, the token powering the VeChainThor public blockchain, is trending after South Korean crypto exchange Upbit announced trading pairs with the Korean Won and USDT. This news triggered a 140% price surge, pushing VTHO to an 11-month high of $0.0068 at press time.
The token’s trading volume reflects soaring demand, reaching $206 million in the past 24 hours — a staggering 4000% increase. Such a rally in both price and volume signals strong market interest, often seen as a bullish indicator, as higher volume typically validates the strength of a price trend.
If this rally continues, VTHO’s price could touch $0.011. On the other hand, a dip in buying pressure could result in a price decline toward $0.0008.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
